New York State Common Retirement Fund Cuts Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

New York State Common Retirement Fund reduced its stake in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 14.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,290 shares of the company’s stock after selling 29,107 shares during the quarter. New York State Common Retirement Fund owned approximately 0.07% of Frontier Communications Parent worth $4,366,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FYBR. Glendon Capital Management LP lifted its position in shares of Frontier Communications Parent by 6.2% during the third quarter. Glendon Capital Management LP now owns 24,215,909 shares of the company’s stock valued at $378,979,000 after buying an additional 1,417,609 shares during the last quarter. Vanguard Group Inc. boosted its stake in Frontier Communications Parent by 0.5% in the third quarter. Vanguard Group Inc. now owns 23,827,853 shares of the company’s stock valued at $372,906,000 after acquiring an additional 118,939 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Frontier Communications Parent by 14.6% in the third quarter. Canada Pension Plan Investment Board now owns 9,814,910 shares of the company’s stock worth $153,603,000 after purchasing an additional 1,250,000 shares during the last quarter. JANA Partners Management LP acquired a new position in shares of Frontier Communications Parent during the third quarter worth $129,569,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Frontier Communications Parent by 9.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,662,029 shares of the company’s stock valued at $41,661,000 after purchasing an additional 223,073 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Citigroup upgraded Frontier Communications Parent from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $28.00 to $30.00 in a research note on Monday, April 15th. Bank of America initiated coverage on shares of Frontier Communications Parent in a report on Tuesday, April 9th. They set a “buy” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.43.

Frontier Communications Parent Price Performance

Shares of NASDAQ FYBR opened at $25.62 on Monday. Frontier Communications Parent, Inc. has a 52 week low of $11.65 and a 52 week high of $27.41. The business’s 50 day moving average price is $23.66 and its 200 day moving average price is $22.75. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 2.13. The firm has a market cap of $6.37 billion, a P/E ratio of 232.91 and a beta of 1.05.

Frontier Communications Parent (NASDAQ:FYBR) last released its quarterly earnings data on Friday, February 23rd. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.01 by $0.06. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Frontier Communications Parent had a net margin of 0.50% and a return on equity of 0.56%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. On average, sell-side analysts expect that Frontier Communications Parent, Inc. will post -0.2 earnings per share for the current year.

Frontier Communications Parent Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.